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Gold steadies as the dollar turns weak on inflation data

Gold yesterday settled down by -0.52% at 58107 as the yield on the US 10-year Treasury note hovered around 3.7%, as investors weigh fresh economic data pointing to a resilient economy and prospects that interest rates will continue to march higher. Durable goods orders beat forecasts for a third consecutive month, new home sales surged to the highest level in over a year and the CB consumer confidence hit the highest level since early 2022.

Fed Chair Powell reiterated to Congress that interest rates would need to go higher and signalled two more rate hikes. China's net gold imports via Hong Kong fell by about 1.7% in May from the previous month, as concerns over the top consumer's economy were seen weighing on retail demand for jewellery. Net imports into the world's top gold consumer stood at 49.056 tonnes in May, compared with 49.906 tonnes in April, Hong Kong Census and Statistics Department data showed.

Total gold imports via Hong Kong were down 3.5% at 51.722 tonnes, from 53.581 tonnes in April. China's net gold imports via Hong Kong could drop 7-8% in the second half of the year. The Hong Kong data may not give a full picture of Chinese purchases because gold is also imported through Shanghai and Beijing. For more Updates Do follow us on Social Media

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